Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), is increasing its investment in electric car maker Lucid Group.

A long-term strategic investor, the fund’s subsidiary, Ayar Third Investment Company, is purchasing $550 million of Lucid’s convertible preferred stock. 

Besides PIF’s unit, Uber is also committing an additional $200 million and will increase its purchase commitment to at least 35,000 Lucid vehicles.

The fresh round of investments is expected to boost Lucid’s financial position as it looks to expand its fleet of robotaxis.

(Writing by Cleofe Maceda; editing by Seban Scaria) seban.scaria@lseg.com